New Place For Your Savings

[Mali1964]

Just looked into a new method for healthy savings rates, you lend your money out to highly vetted borrowers seems a good idea the risk's are higher than in the Bank as the Government scheme to protect your money is not there but its possible to get 8% +.

Take a look for yourselves its certainly new to me not a bad idea.

Zopa.com.

[OriginalPoster]

Just looked into a new method for healthy savings rates, you lend your money out to highly vetted borrowers seems a good idea the risk's are higher than in the Bank as the Government scheme to protect your money is not there but its possible to get 8% +.

Take a look for yourselves its certainly new to me not a bad idea.

Zopa.com.

No going to did through the details on their web pages, but is that a peer-to-peer lending scheme whereby individual borrowers/lenders hook up with each other via Zopa's web page?

There was an internet peer-to-peer lending site similar that in the US called prosper.com but the US government shut it down around the time that the financial crisis started to unfold. Prosper's web site is still there but no new loans can be made. Default rates on loans made there did not appear to be low, BTW.

Edited May 6, 2009 by OriginalPoster

[Mali1964]

Just looked into a new method for healthy savings rates, you lend your money out to highly vetted borrowers seems a good idea the risk's are higher than in the Bank as the Government scheme to protect your money is not there but its possible to get 8% +.

Take a look for yourselves its certainly new to me not a bad idea.

Zopa.com.

No going to did through the details on their web pages, but is that a peer-to-peer lending scheme whereby individual borrowers/lenders hook up with each other via Zopa's web page?

There was an internet peer-to-peer lending site similar that in the US called prosper.com but the US government shut it down around the time that the financial crisis started to unfold. Prosper's web site is still there but no new loans can be made. Default rates on loans made there did not appear to be low, BTW.

The info i've read on the site did mention prosper as a copy cat US version & they claim it to be there idea from 2006, be great to hear of anyone's experience with this, you would need to do your homework before joining this but it sounds good in principle but maybe to good who knows can't trust no one after what the banks have done.

Edited May 6, 2009 by Mali1964

[OriginalPoster]

Just looked into a new method for healthy savings rates, you lend your money out to highly vetted borrowers seems a good idea the risk's are higher than in the Bank as the Government scheme to protect your money is not there but its possible to get 8% +.

Take a look for yourselves its certainly new to me not a bad idea.

Zopa.com.

No going to did through the details on their web pages, but is that a peer-to-peer lending scheme whereby individual borrowers/lenders hook up with each other via Zopa's web page?

There was an internet peer-to-peer lending site similar that in the US called prosper.com but the US government shut it down around the time that the financial crisis started to unfold. Prosper's web site is still there but no new loans can be made. Default rates on loans made there did not appear to be low, BTW.

The info i've read on the site did mention prosper as a copy cat US version & they claim it to be there idea from 2006, be great to hear of anyone's experience with this, you would need to do your homework before joining this but it sounds good in principle but maybe to good who knows can't trust no one after what the banks have done.

If that's the case, wonder why prosper got shut down by the Feds and zopa is still being allowed to operate. Maybe it's because they are incorporated outside the US, but one of the links on their site is for the US branch of their service.

Edited May 6, 2009 by OriginalPoster

[Mali1964]

Just looked into a new method for healthy savings rates, you lend your money out to highly vetted borrowers seems a good idea the risk's are higher than in the Bank as the Government scheme to protect your money is not there but its possible to get 8% +.

Take a look for yourselves its certainly new to me not a bad idea.

Zopa.com.

No going to did through the details on their web pages, but is that a peer-to-peer lending scheme whereby individual borrowers/lenders hook up with each other via Zopa's web page?

There was an internet peer-to-peer lending site similar that in the US called prosper.com but the US government shut it down around the time that the financial crisis started to unfold. Prosper's web site is still there but no new loans can be made. Default rates on loans made there did not appear to be low, BTW.

The info i've read on the site did mention prosper as a copy cat US version & they claim it to be there idea from 2006, be great to hear of anyone's experience with this, you would need to do your homework before joining this but it sounds good in principle but maybe to good who knows can't trust no one after what the banks have done.

If that's the case, wonder why prosper got shut down by the Feds and zopa is still being allowed to operate. Maybe it's because they are incorporated outside the US, but one of the links on their site is for the US branch of their service.

Maybe this prosper got into trouble from the start & the feds saw a problem with this being a new idea & just shut it.

Now that this Zopa are established in the UK they have had time to reconsider the idea.

[BigSnake]

Hmmmmmm!!

[OriginalPoster]

Maybe this prosper got into trouble from the start & the feds saw a problem with this being a new idea & just shut it.

Now that this Zopa are established in the UK they have had time to reconsider the idea.

Prosper was allowed to operate for a couple of years before they got shutdown. They didn't get shutdown until the banking meltdown started and lending practices in general started coming under greater scrutiny.

Edited May 7, 2009 by OriginalPoster